Tag Archives: Surcharge

Income tax surcharge challenged in SC

ISLAMABAD – A petition seeking a stay on the enforcement of an ordinance imposing 15 percent surcharge on income tax was filed in the Supreme Court on Friday. The petition was filed by Shahid Orakzai under Article 184(3), naming the federation through its law secretary as respondent.
The petitioner requested the court to declare the surcharge imposed on income tax through a presidential ordinance on March 15, 2011 as ultra vires of the constitution and the law, unless passed by

KSE adds 15 percent surcharge to share taxes

KARACHI – The Karachi Stock Exchange (KSE) has revised upwards its current advance rates of taxes by 15 percent after a recent presidential ordinance levied 15 percent surcharge on the payable taxes. A KSE notice (KSE/N-1544), which was issued by KSE Acting Managing Director Haroon Askari, informed KSE members that it would collect 15 percent more advance taxes on the purchase value, sale value, trade value and in respect of financing the carry over trade of the traded shares from

15pc surcharge on income tax

ISLAMABAD – The government on Tuesday announced the imposition of one time surcharge of 15 percent on income tax payable for the remaining period of current fiscal, with an immediate effect from March 15.
A statement issued by the Finance Ministry on Tuesday said that the government had increased special excise duty from one percent to 2.5 percent and withdrew 17 percent general sales tax exemptions on fertilizers, pesticides and tractors. The government also announced an end to

2pc surcharge on power tariff

ISLAMABAD – The government notified the imposition of a 2 percent surcharge on the power tariff on Tuesday with immediate effect. The surcharge was finalised after a meeting of the ministries of law and water and power, an official source said, adding that a similar surcharge would be imposed in April and May.
The government has opted to impose the surcharge because it had already passed on the complete determined tariff by the National Electric Power Regulatory Authority